Westwood Financial Lands Sixth NC Shopping Center
- Jun 28, 2017
Westwood Financial, an owner and operator of shopping centers, acquired The Arbors at Mallard Creek, a 55,323 square-foot, grocery-anchored retail center in Charlotte, N.C., for $25.1 million. Mike Burkard and Casey Rosen at CBRE | National Retail Partners worked on behalf of both parties in this deal.
Located at 2121 E. Arbors Drive, the property sits at the intersection of Mallard Creek Church Road and Senator Royall Drive, which is located a mile away from Interstate 85. The asset is part of the University City neighborhood and serves an educated and affluent community. The University of North Carolina is about 4 miles away. The average household income in a one-mile radius is $120,727, and population growth is projected to increase 2.2 percent over the next four years. The Arbors at Mallard Creek is visible to 43,000 vehicles per day.
High-quality tenant mix
The Arbors at Mallard Creek was 98 percent occupied at the time of acquisition. The Trader Joe’s-anchored center boasts 19 national and regional specialty retailers like Petco and Massage Envy, as well as restaurants including Hickory Tavern and Zoe’s Kitchen.
“Trader Joe’s is one of the strongest and fastest growing specialty grocers in the nation today, outperforming other fresh format and traditional grocery stores in sales per square foot. This retailer has created great customer loyalty, which we have experienced for many years in California, while differentiating itself by delivering a unique shopping experience and quality at a reasonable price point because 80 percent of its store merchandise consists of proprietary brands,” said Westwood Financial Co-CEO Joe Dykstra, in a prepared statement.
According to Westwood Financial’s website, the company owns five other retail assets in North Carolina, including McCrimmon Corners in Morrisville, Towne North and Lynnwood Collection in Raleigh, and Steelecroft Shopping Center and Steele Creek Crossing in Charlotte.
Image courtesy of Westwood Financial